First Singapore International Conference on Finance
Organized by
Saw Centre for Financial Studies and
Department of Finance and Accounting, NUS Business School
National University of Singapore
Raffles City Convention Centre
2 Stamford Road, Singapore 178882
19 and 20 July 2007
19 July 2007
Registration 8:00am
Welcome Remarks 8:15 – 8.30am
Saw Swee Hock
Patron, Saw Centre
Keynote Speech 8.30 – 9.30am
Avanidhar Subrahmanyam
(University of California at Los Angeles)
Coffee break 9:30 – 9:45am
Session 1: Compensation
Chair: Jay Ritter (University of Florida)
Paper 1: 9.45 – 10.30am
“Too Good to be True: Do Institutional Investors Really Reduce Executive Compensation whilst Raising Incentives?”
Peter L. Swan* (University of New South Wales)
Gavin S. Smith (University of New South Wales)
Discussant
Merih Sevilir (University of North Carolina at Chapel Hill)
Paper 2: 10.30 – 11.15am
“Does the Use of Peer Groups Contribute to Higher Pay and Less Efficient Compensation?”
Lalitha Naveen* (Purdue University)
John M. Bizjak (Portland State University)
Michael L. Lemmon (University of Utah)
Discussant
Sudipto Dasgupta (Hong Kong University of Science and Technology)
Paper 3: 11.15am – 12pm
“Corporate Governance and Executive Pay: Evidence from a Recent Reform”
Teodora Paligorova* (CERGE-EI – Center for Economic Research and Graduate Education, Charles University, and the Economics Institute of the Academy of Sciences of the Czech Republic)
Discussant
Antonio Falato (Federal Reserve Board)
Luncheon 12:00pm – 1:30pm
Session 2: Corporate Finance (I)
Chair: Chuan Yang Hwang (Nanyang Technological University)
Paper 4: 1.30 – 2.15pm
“Capital Constraints, Asymmetric Information, and Internal Capital Markets in Banking: New Evidence”
Dmytro Holod* (State University of New York at Stony Brook)
Joe Peek (University of Kentucky)
Discussant
Anand Srinivasan (National University of Singapore)
Paper 5: 2.15pm – 3.00pm
“Rational Learning and the Diversification Discount”
Donald Monk* (Tulane University)
John Hund (Rice University)
Sheri Tice (Tulane University)
Discussant
Seoungpil Ahn (National University of Singapore)
Coffee break 3.00 – 3:30pm
Session 3: Mutual Funds
Chair: Francis Koh (Singapore Management University)
Paper 6: 3.30pm – 4.15pm
“Do Governance Mechanisms Matter for Mutual Funds”
Wen-Hsiu Chou* (University of Wisconsin-Milwaukee)
Lilian Ng (University of Wisconsin-Milwaukee)
Qinghai Wang (University of Wisconsin-Milwaukee)
Discussant
Naveen D. Daniel (Purdue University)
Paper 7: 4.15pm – 5.00pm
“Aggregate Mutual Fund Flows and Subsequent Market Returns”
Avi Wohl* (Tel Aviv University)
Oded Braverman (Tel Aviv University)
Shmuel Kandel - Deceased (Tel Aviv University, University of Pennsylvania and CEPR)
Discussant
Tom Nohel (Loyola University)
20 July 2007
Registration 8:00am
Session 4: Investment (I)
Chair: Allaudeen Hameed (National University of Singapore)
Paper 8: 8.30 –9.15am
“Driven to Distraction: Extraneous Events and Under-reaction to Earnings News”
Siew Hong Teoh* (University of California, Irvine)
David Hirshleifer (University of California, Irvine)
Sonya Seongyeon Lim (DePaul University)
Discussant
Harrison Hong (Princeton University)
Paper 9: 9.15 – 10.00am
“Media Coverage and the Cross-Section of Stock Returns”
Lily Fang* (INSEAD)
Joel Peress (INSEAD)
Discussant
Anurag Gupta (Case Western Reserve University)
Coffee break 10:00 – 10:30am
Session 5: Investment (II)
Chair: Mitchell Warachka (Singapore Management University)
Paper 10: 10.30 – 11.15am
“Credit Ratings and the Cross-Section of Stock Returns”
Tarun Chordia* (Emory University)
Doron Avramov (University of Maryland)
Gergana Jostova (George Washington University)
Alexander Philipov (American University)
Discussant
Kalok Chan (Hong Kong University of Science and Technology)
Paper 11: 11.15am – 12.00pm
“Why do Bond Prices Jump? A Study of the U.S Treasury Market”
Ingrid Lo* (Bank of Canada)
George J. Jiang (University of Arizona)
Adrien Verdelhan (Boston University)
Discussant
Rossen Valkanov (University of California, San Diego)
Luncheon 12.00 – 1:30pm
Session 6: Corporate Finance (II)
Chair: Thomas H. Noe (Tulane University)
Paper 12: 1.30 – 2.15pm
“Privatization, Large Shareholders’ Incentive to Expropriate, and Firm Performance”
Jie Gan* (Hong Kong University of Science and Technology)
Jianping Deng (University of Electronic Science and Technology of China)
Jia He (Chinese University of Hong Kong)
Discussant
Joseph P.H. Fan (Chinese University of Hong Kong)
Paper 13: 2.15 – 3.00pm
“Corporate Political Contributions: Investment or Agency”
Rajesh K. Aggarwal* (University of Minnesota)
Felix Meschke (University of Minnesota)
Tracy Wang (University of Minnesota)
Discussant
Jeffrey Zwiebel (Stanford University)
Coffee break 3:00 – 3.30pm
Session 7: Corporate Finance (III)
Chair: Sie Ting Lau (Nanyang Technological University)
Paper 14: 3.30 – 4.15pm
“Dual-Class Splits and Stock Liquidity”
Joonghyuk Kim* (Korea University)
Ji-Chai Lin (Louisiana State University)
Ajai Singh (Case Western Reserve University)
Wen Yu (Case Western Reserve University)
Discussant
Vidhan Goyal (Hong Kong University of Science and Technology)
Paper 15: 4.15 – 5.00pm
“Institutional Trading, Information Production, and Corporate Spin-offs”
Shan He* (Boston College)
Thomas J. Chemmanur (Boston College)
Discussant
M. Deniz Yavuz (Arizona State University)
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* Paper Presenter